🧵 1. Venezuela's Petro cryptocurrency, designed to bypass US sanctions, will cease operations on Jan 15, after failing to gain widespread adoption. #crypto
🧵 1. Venezuela's Petro cryptocurrency, designed to bypass US sanctions, will cease operations on Jan 15, after failing to gain widespread adoption. #crypto
🧵 2. The Petro, launched in 2018 and backed by oil, faced opposition and lacked international traction. It was never declared legal tender, even the country's largest bank refused it.
🧵 3. The closure of the Petro follows the arrest of its overseer, accused of ties to drug trading. This crackdown also led to the closure of crypto exchanges and mining operations in Venezuela.
🧵 Read more at: https://cryptonews.com/news/venezuelas-petro-cryptocurrency-to-cease-operations-on-jan-15.htm
Communist can't crypto 🤣